As far as the market is concerned, Barack Obama’s first 100 days do not compare with Franklin D. Roosevelt’s in 1933. As Obama’s come to an end, it is touch and go whether the S&P 500 will be up or down compared with his inauguration day.

Under FDR, the index gained more than 70 per cent over the period, even though he started with closing the banks and the markets for a “holiday”.